Classification and repairs. The Borrower shall keep the Vessels in a good, safe and efficient condition consistent with first class ownership and management practice and in particular:
Classification and repairs. The Borrowers shall, and shall procure that any Charterer shall, keep or shall procure that the Vessels are kept in a good, safe and efficient condition consistent with first class ownership and management practice and in particular:
Classification and repairs. Each relevant Obligor shall keep the Vessels in a good, safe and efficient condition consistent with first class ownership and management practice and in particular:
Classification and repairs. (a) The Borrower shall, and shall procure that any Charterer or Technical Manager shall, keep or shall procure that the Vessel is kept in a good, safe and efficient condition consistent with first class ownership and management practice and in particular: so as to maintain its class at the highest level with American Bureau of Shipping (with notation +A1, Oil Carrier, +AMS, +ACCU, ESP, CSR, AB-CM, UWILD, TCM, SPMA, CPS, VEC, BWE, BWT, RW, ENVIRO+, POT,GP, NBLES) or another IACS classification society approved by the Agent, free of overdue recommendations and qualifications; and
Classification and repairs. The Obligors shall keep the Vessel in a good, safe and efficient condition consistent with first class ownership and management practice and in particular: a) so as to maintain the highest classification required for the relevant trade with an Approved Classification Society, free of overdue recommendations and conditions; and b) so as to comply with the laws and regulations (statutory or otherwise) applicable to vessels registered under the flag state of the Vessel or to vessels trading to any jurisdiction to which the Vessel may trade from time to time. 23.4
Classification and repairs. The Obligors shall keep the Vessel in a good, safe and efficient condition consistent with first class ownership and management practice and in particular: a) so as to maintain the highest classification required for the relevant trade with an Approved Classification Society, free of overdue recommendations and conditions; and b) so as to comply with the laws and regulations (statutory or otherwise) applicable to vessels registered under the flag state of the Vessel or to vessels trading to any jurisdiction to which the Vessel may trade from time to time. The Obligors shall ensure that no modifications, repairs or removals to the Vessel are made that reduce the Vessel’s value. 23.4 Restrictions on chartering, appointment of managers etc. a) The Borrower shall not without the prior written consent of the Agent (on behalf of all the Lenders): (i) subject to Clause 22.21a), let the Vessel on time charter, bareboat charter or other employment contract for any period other than to another member of the Group (ii) charter in or hire any vessel or tonnage; (iii) appoint a manager other than any Approved Manager; or (iv) change the class certification of the Vessel. b) The Borrower shall ensure that any permitted employment/letting of the Vessel (whether or not to another member of the Group) that is for longer than 12 months shall be subject to a Security Interest in favour of the Finance Parties. c) The Borrower shall inform the Agent of any change of management of the Vessel to another Approved Manager, or change of classification society to another Approved Classification Society. d) The Borrower shall ensure that any new Manager, when entering into the Management Agreement, grants a Manager's Undertaking. 10127241/1 68 e) The Borrower shall not enter into any agreement or arrangement for the sharing or split of Earnings payable to the Borrower (net of usual and customary broker commissions) or funds on any Earnings Accounts, without the prior written consent of the Agent (on behalf of all Lenders). 23.5
